At what percent will ₹2304 amount is ₹2500 in 2 years at compound interest?
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Pricipal (P) = Rs. 1000.
Amount (A) = 1102.50.
Compound Interest = 1102.50 - 1100 = 102.50.
Time (t) = 2 years.
Let Rate = r
Amount = P * [1 + (r/100)]^t
1102.50 = 1000 * [(100 +r)/100]^2
1102.50/1000 =[ (100 +r)/100]^2
11025 = (100 +r)^2
Sq. root (11025) = 100 +r
100 +r = 105
r = 5%.
I hope it is correct
Amount (A) = 1102.50.
Compound Interest = 1102.50 - 1100 = 102.50.
Time (t) = 2 years.
Let Rate = r
Amount = P * [1 + (r/100)]^t
1102.50 = 1000 * [(100 +r)/100]^2
1102.50/1000 =[ (100 +r)/100]^2
11025 = (100 +r)^2
Sq. root (11025) = 100 +r
100 +r = 105
r = 5%.
I hope it is correct
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